Ithaca Protocol, a groundbreaking player in the cryptocurrency options market, has officially launched its live beta platform. With the aim of setting a new industry standard, Ithaca was created by a former partner at Goldman Sachs and a former executive at Amber Group, with support from renowned firms like Cumberland and Wintermute Ventures. What sets this protocol apart is that it is the first in the market to offer executable prices for a wide range of financial products, including vanilla options, digital options, option strategies, forwards, and structured products. In fact, it provides over 250 prices across different strikes and expiries.
The key innovation of Ithaca Protocol lies in its auction-based matching engine. This engine allows more trades to be completed with the same number of orders compared to standard auctions systems. Users have the flexibility to customize their exposure to any anticipated market movement and desired scenario, making it a versatile tool in decentralized finance (DeFi), centralized finance (CeFi), and traditional finance (TradFi). The protocol’s architecture is built on off-chain matching, Arbitrum on-chain settlement, and Axelar cross-chain bridging, ensuring a strong and secure foundation for its operations.
The beta launch follows the successful completion of Ithaca’s Open Alpha phase, bringing the protocol one step closer to its decentralization goals. In the near future, on-chain actors will be able to verifiably set up and operate instances of Ithaca’s key risk-sharing ecosystem components, including matching, collateral optimization, and value-at-risk (VAR) engines.
The founding team of Ithaca Protocol stated, “Today’s launch is a significant milestone in our journey to revolutionize the world of options and structured products. With deeper liquidity now available, in addition to the financial engineering capabilities of the Ithaca Matching Engine, more users will be able to reliably execute their ideas. By enabling the emergence of a trust-minimized and disruptive ecosystem, we will unlock new possibilities in risk sharing and empower users with unprecedented access to a wide range of risk-sharing instruments.”
To coincide with the beta launch, Ithaca Protocol is introducing a formula-based airdrop program aimed at incentivizing liquidity, rewarding early adopters, and fostering ecosystem development. Season One will culminate in a special airdrop event, where participants can earn points by executing transactions, submitting orders, engaging on social media, and participating in campaigns. So far, Ithaca Protocol has raised $2.5 million in funding, attracting investments from notable backers such as Cumberland, Wintermute Ventures, Room40, Andrew Keys, Ghaf Capital, and Axelar co-founder Georgios Vlachos.
Ithaca Protocol is a non-custodial, composable options protocol designed to democratize access to advanced financial engineering. Its auction-based matching engine provides greater liquidity for a given number of orders, giving users the ability to customize their exposure to market movements and scenarios. By leveling the playing field, Ithaca offers direct access to sophisticated risk-sharing instruments with just a few clicks.